Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
Reverse mortgage closing cost fees are similar to the fees you would pay upon purchasing or refinancing a home.
What are the Costs?
Here is a list of potential closing cost fees for a reverse mortgage and an explanation of each:
- Recording fee covers the filing of your mortgage lien with your local County Recorder’s Office and usually costs around $50 to $100.
- Title insurance fee covers the insurance that protects the lender or the buyer against losses that are a result of a dispute concerning property ownership. It can vary by loan size, but the higher the loan the higher the cost.
- Credit report fee verifies federal tax liens or judgments against the borrower; usually costs under $20.
- Escrow, closing or settlement fee covers a title search and costs anywhere between $150 and $450.
- Flood certification fee determines the property’s location in a potential flood plane and usually costs under $20.
- Courier fee covers overnight mail documents between lender, loan investor, or title company; usually costs under $50.
- Document preparation fee covers the cost of the final closing documents; usually costs $75 to $150.
- Survey fee determines property lines and ensures the property is not infringed upon by an adjoining property. This usually costs under $250.
- Low Down Payment Loan Qualification
- What Lenders Don't Reveal About Home Equity Loans
- Second Mortgages: Advantages and Disadvantages
- Should You Refinance? Make Sure the Timing is Right
- 3 Warning Signs of Loan Modification Scams
- Alternatives to Getting a 2nd Mortgage
- FHA Loans for a First-Time Home Buyer
- Short Selling a Rental Property
- 3 Common Short Sale Mistakes